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Council approves New Carrollton affordable project with PILOT and HOME funds
Summary
Council adopted CR-73-2024 (PILOT) and CR-74-2024 (HOME reallocation) to support New Carrollton Phase 3, a proposed affordable rental project combining a PILOT agreement and $2.75M in HOME funds; project cost is estimated at about $19.4 million.
The County Council voted to approve a pair of actions backing a New Carrollton affordable housing development. Nathaniel Tutt reported on CR-73-2024, a payments-in-lieu-of-taxes (PILOT) agreement for a proposed 50-unit family rental community to be constructed in New Carrollton; the committee recommended it favorably and the council adopted the PILOT by roll-call vote.
Tutt told members the project's total development cost is "expected to be $19,368,540," and that financing would include private loans, state rental housing program funds, low-income housing tax credit equity and a deferred developer fee. A second resolution, CR-74-2024, adds the New Carrollton Phase 3 project to the FY2025 Annual Action Plan and reprograms $2,750,000 in HOME Investment Partnerships Program funds from prior years to support the project; the council's adoption was recorded 10-0. Matthew Sanchez of Urban Atlantic and consultant Brad Frome presented the project details at committee; the PILOT includes mandatory annual payments starting at approximately $50 per unit in year one and increasing 2% each tax year.
